What is the minimum property damage insurance coverage required for dealers?

The minimum property damage insurance coverage required for dealers is set at $15,000. This amount is determined by state regulations to ensure that dealers have sufficient coverage in the event of an accident where they may be liable for damages to another person's property. This level of coverage helps protect both the dealer and their customers, ensuring that there are financial resources available to cover damages incurred during dealership operations or while handling vehicles. Dealers need to meet this requirement to comply with state laws and to maintain their licenses, promoting responsible business practices in the automotive industry.